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will join us next live with his fears of what happens if a fiscal cliff deal does not get done and fast. >> i'm the founder and ceo of unilife corp rage. if the fiscal cliff issue doesn't get resolved, there's no question the usa economy is going to go into recession. we closed down our manufacturing in china and relocated our manufacturing to the usa. for other companies to consider following our lead, they need to trust that our leaders in washington will actually lead. think outside the box. create incentive for businesses to invest in the u.s. economy. tdd# 1-800-345-2550 you should've seen me today. tdd# 1-800-345-2550 when the spx crossed above its 50-day moving average, tdd# 1-800-345-2550 i saw the trend. tdd# 1-800-345-2550 it looked really strong. tdd# 1-800-345-2550 and i jumped right on it. tdd# 1-800-345-2550 tdd# 1-800-345-2550 since i've switched to charles schwab... tdd# 1-800-345-2550 ...i've been finding opportunities like this tdd# 1-800-345-2550 a lot more easily. tdd# 1-800-345-2550 like today, tdd# 1-800-345-2550 i was using their streetsmart edge trading platform
%, an improvement over august where it was 10%. if this good deal -- the fiscal could deal -- the fiscal cliff deal. you think during their well- earned christmas break, both sides would find a way to come together and do something. >> this is not the fault of congress. congress is behaving like congress. this is the president's fault here the president needs to go to the country and explain why they need to get this done. he has never done this. >> i have heard him talk about it over and over incessantly about why we have to avoid the fiscal clip. it is the fault of congress. they created this fiscal cliff. they did it. no one else imposed this on them. >> the president has never gone to the nation and made a serious speech about dt. he ignored it the first two years. he appoints a commission that he studiously ignores for the next two years. that is why we are at the clip now. he is not serious about the debt. none of his proposals to raise taxes on the rich. he has never put any political capital in entitlement reform our tax reform. he'll talk about it here and there. never invested any capital
in washington. there's no deal, no new offer on the fiscal cliff crisis. president obama has just told the two senate leaders they should make the deal. the results immediately felt in the financial markets. look where the dow closed down 158 points when it became very clear nothing was happening and now take a look at where the numbers are in the after markets. we would open now down 315 points on the dow if we started trading now. down 315 points. we have much more on this throughout the rest of the program, but the market's very unhappy. we do have some good news to report tonight. looks like at least one cliff has been averted for the time being. the so-called container cliff. the union that represents dock workers and u.s. maritime lines came to an agreement today to extend their current contract for 30 days. this is a big relief now for the retail industry and consumers who were staring at real destruction again for the supply chain. here now is jonathan gold and he's vice president of supply chain and customs policy for the national retail federation. jonathan, good to see you. >> miche
deal, but in the case of the fiscal cliff, no deal is the worst deal because the government will go over the fiscal cliff and will take almost every american with us. almost every family that pays taxes now will pay higher taxes. people's jobs will immediately be put in jeopardy, unemployment compensation will end for more than 2 million people, our defenses will be decimated by cuts that will put us in a position of accepting really unacceptable risks to our security, title 1 programs of education for low-income children will be cut dramatically, most people, including the congressional budget office, our own congressional budget office, say that the combination of tax increases along with the decreased spending required under the budget control act will push our economy back into recession in the new year. so i don't agree that no deal is better than a bad deal. in this case, i repeat, no deal is the worst deal because it allows our country to go over the fiscal cliff and really hurts almost every american family in our country, in our economy, as a whole. this shouldn't be a surp
and raises the stakes for the fiscal cliff end game because the white house had wanted a debt ceiling deal as part of the overall deal here on the fiscal cliff. republicans have been resisting that by announcing the debt ceiling limit will be held on monday, ratchets up the pressure to include the debt ceiling piece in the final package, whatever that may be, but still not clear, carl, there is going to be a final package of any kind. one quick note, we saw the realism. pact in the real world of the debt situation. treasury announcing yesterday it has suspended the sale of state and local government securities, government series securities. so already, they are doing some maneuvering here financially to try to avoid that debtly limit. the treasury secretary says he doesn't know how much wiggle room they are going to have, given that all the fiscal cliff uncertainty is out there. >> eamon, on this idea that the house members get called back with 48 hours' notice. traders are looking for that headline if it happens almost that bleed out there or procedural moment where that is announced, so
. it is another down day for the marquette as washington prepares for another round of fiscal cliff dealing tomorrow. right now the dow down 33 points at 1,105. >>> the u.s. government may reportedly expand its mortgage refinancing program to include borrowers to include mortgages not backed by freddie mac and fannie mae. the "wall street journal" reporting that the refi program under consideration could consider underwater borrowers who owe more than they're worth. that is about 11 million homes. >>> toyota could overtake general motors and reclaim the title of the world's biggest carmaker for 2012. the japanese automaker estimate worldwide sales are up 22% this year from 2011 when a massive earthquake and tsunami and severe floods in thailand disrupted parts supplies and sales. that's the latest from fox business, giving you the power to profit >> 34 christmas tornados hit the south. liz art conditions in the midwest. wicked weather all wreaking havoc on travelers the day after christmas. more than 450 flights have been canceled, 500 delayed. not good news. is it going to improve? let's h
. the president said he is modestly optimistic about a fiscal cliff deal getting done before new year's eve. >> clayton: they all said the same thing. presidential meeting with the leaders yesterday. harry reid. >> juliet: vice president showed up. >> clayton: they must have been all on the same table hey whether we lee this table we will say modestly optimistic. listen to senator mitch mcconnell who may be the linchpin of this whole thing. he said i will take the ball and run with it in the senate. get a deal done. listen to the senator. >> we had a good meeting at the white house. we are engaged in discussions the majority leader and myself and the white house in the hopes that we can come forward sunday and have a recommendation that i can make to my conference and the majority leader can make to his conference. we will be working hard to see if we can get there in the next 24 hours. so i'm hopeful and optimistic. >> charles krauthammer calling him a master negotiator. saying if it were left up to him he could solve the syrian civil war in a weekend. >> dave: he can get it done but there
freeze or maybe the layoffs if a fiscal cliff deal was not reached. still no deal as we stand. only a few days to go. are you actually planning a hiring freeze or layoffs? >> i think every business man plans the fall part of the year, particularly if they are on a calendar fiscal year. we put "x" percent of our budget at risk with a contingency just in case things go bad in the economy. >> what percentage is that now? >> i don't want to tip off to the street what our -- what our plan is, but what i will say is that we have doubled our contingency this year which puts in a set of action plans that we act on depending on what happens in the economy. so we pull back on cap "x" and gain cap "x" and we include head count. >> us a well know, mark, we've had a whole parade of ceos like you who tell us the very same story. we're waiting. what are you waiting for? what would you like to see from washington that gets to you unleash that cap "x" and other things? >> the best deal would be a big deal. >> you want a grand bargain? >> i mean, americans don't want plan "b." they don't want a short-term
his annual vacation in hawaii to deal with the fiscal cliff. no sight of congressional leaders. they're not in town. investors getting a little bit nervous. will congress get it together in time? no talks that we know of are imminent. it was by at least one measure, the weakest holiday retail sales growth since the financial crisis back in 2008, but could a post-christmas holiday sales bounce be around the corner? >>> and what a year it has been for tech. gadgets and gizmos. apple, facebook, microsoft all have big news. will 2013 be a lucky year for the sector? which tech titans might lead the new trends? simon hobbs is in at the new york stock exchange. >> good afternoon. when president obama arrives back in d.c., can he prevent america falling over the fiscal cliff? house republicans haven't yet called their members back to washington. our chief political correspondent, john harwood, is with us. john, this feels very much like it might be the calm before the storm in more way than one. >> it could be if we go over the cliff and the storm would be generated by the markets and the lo
left in 2012. no fiscal cliff dealing in sight. now we are talking about hitting the debt ceiling on december 31. what are the top trades for 2013? cnbc contributor michael farr. good to see you. great to have you here. >> thanks, michelle. wonderful to be with you. >> have you heard about what timothy geithner said tonight? >> you are way better looking than kudlow. i know you heard that. this is a much better screen to look at from our glide flattery will get you everywhere. did you hear secretary geithner sent out a note saying that -- letter, official letter saying we are going to hit the debt ceiling monday. lee business days notice. >> perfect. >> what will that do to the markets tomorrow? >> you and i talked about this is a couple of years ago when we hit hit it in july and i was dead wrong. i was entirely dead wrong. i thought congress would make sure we wouldn't lose our aaa debt rate. >> and we did. >> and -- yeah. i figured certainly logically that yields would go up on bonds. and that the stock market would fall and just the opposite happening. what happen this time to
for sunday night. that stokes investor hopes for a fiscal cliff deal and this coming just a few hours after harry reid's comments sent the dow into a tailspin. we have complete coverage in this developing story which is happening tonight as we speak. also, as supplies from the obama team, ep achieve lisa jackson stepping down. can the coal companies finally breathe a sigh of relief? guess what happened in britain when the uk banned handguns. the surprising result that could change the gun control debate. "the kudlow report" start ises right now. >>> the big news tonight, still the developments in washington on the fiscal cliff, eamon javers joins us with the details. >> good evening, meshel. capitol hill sources tell cnbc that congressional leaders are planning to go to the white house tomorrow to meet with president barack obama and it is not entirely clear at this point when that meeting will take place and details are still being hammered out and we saw today a blistering series of rhetorical jabs from one side to the other and it's not clear as a result of all that whether a deal can, i
agreement regarding the fiscal cliff. no deal has been reached yet. senators today will technically be working on a praiseholder -- placeholder bill in the event there is a fiscal cliff agreement. until the deal's reached, we expect we'll hear discussion at least on the fiscal situation. take a look now live on the floor of the u.s. senate, and we'll bring it to you live here on c-span2. the presiding officer: the senate will come to order. the chaplain, dr. barry black, will lead the senate in prayer. the chaplain: let us pray. almighty god, we praise your name. you are high over all the nations and your glory is greater than the heavens. let your spirit move our lawmakers to do your will. teach them valuable lessons from hardships and adversities, as they work to be worthy of the sacrifices of those who have already given so much for freedom. lift them from the darkness of hopelessness so that they may take steps toward your light. may your presence and grace bring comfort, as you inspire them to choose what is right and just. may they take the tide that leads to fortune rather
say major progress make progre toward a fiscal cliff deal. guest: mitch mcconnell when they spoke yesterday, he called in joe biden and said he needed a partner to work with. joe biden, who was in delaware and had not been involved in negotiations, came in at the end to try to work out something. it does seem like overnight they were talking and making the kind of progress that they had been hoping for. we are really at the clock ticking before the end of the year host: what about the house? if lawmakers and the white house are not able to read this last ditch effort, the country will likely go over the fiscal cliff, as you pointed out. guest: the house speaker had said very clearly that they do not anticipate passing anything before the senate passes something, but they want to see what the senate does. they will then take that bill and either amend it or approve it. if they amend, they will send the amended version back to the senate. over the weekend bypassed some rule changes that will allow them to move more quickly and do those sorts of things rather than the waiting period
newspaper reports what in the world is going on with the fiscal cliff, you hear about a small deal sort of in the works between harry reid and mitch mcconnell, maybe it's not voted on until monday, maybe no deal at all. maybe sequestration is going to happen so for that let's go to washington. >> juliet: all right. tick-tock, tick-tock, time is almost up for lawmakers as we say to avert the fiscal cliff. they worked throughout the weekend in hopes of hammering out some sort of deal. >> dave: peter doocy is live in washington and we hustle you over to the capitol. and what is the latest, do you think we'll get something done? >> reporter: dave, we were told late in the evening that legislative staff was going to work through the night, but the only principal we heard from was mitch mcconnell who said he and his democratic counterparts have been trading paper all day saturday, but the only big news, mcconnell cared to share with us, in the state he represents, kentucky, louisville beat the university of kentucky by three and meanwhile, the officially republican weekly address features ano
they may well just go over the fiscal cliff and deal with it in january after the new congress is sworn in. leaving his family behind to continue their vacation without him, president obama boarded air force one early this morning and headed for washington to deal with unfinished fiscal cliff business. with just five days until the combination of automatic tax increases and spending cuts that could send the economy back into recession, mr. obama wants congress to take the lead in getting the job done. the senate convenes later today and senate majority leader harry reid told members to be prepared to address fiscal cliff issues through the weekend. reid is working on his own plan to get lawmakers to come together before the end of the year deadline. that plan would likely include letting the bush tax cuts expire for households making more than $250,000 a year and short term spending cuts instead of the massive long-term cuts that would happen if there is no deal. after our wednesday conference call, house republican leaders issued a statement saying they were waiti
as these issues are hanging. so we get a fiscal cliff this deal and i think he's going to be gone by the end of the month but i think it's kind of up t in the air. host: says a contender for his job would be jack lew. guest: that's the betting money. is his job if he wants it. and there's some question if he wants it. that's a big commitment. i think he would be expected to stay for the entire term. he has been a white house official throughout the time. so the question is if he wents to take it and if he wents it he'll probably get it. host: where did he come from before chief of staff? guest: he's been in government for a long time. he was the budget director for president clinton. he was on wall street during the bush. but he basically made his bones in the government. he was a long-time assistant to former house speaker tip o'neal. he helped put together the social security deal so he's been involved with budget issues for quite some time in the 80s and 90s. host: christina next. caller: thanks for c-span. host: go ahead. caller: thank you so much for c-span. i'm having a problem because
year. in order to avoid some of the tax hikes of the fiscal cliff and to deal with some of the unemployment. greg: senator rob portman, a republican from ohio said that if lawmakers in the white house can get through this fiscal cliff, we will immediately face another fiscal cliff, if you will. the debt ceiling, noting that are dead is not sustainable. so portman does not sound impressed by talk of a small package to get through this initial fiscal cliff. worried about the long-term impact of our unsustainable debt. greg: our markets are taking a little bit of a head. falling on wall street, the market is on track for its fifth consecutive decline. investors feared that the fallout will have a tremendous effect on what is already a fragile economic recovery. stephen moore joins us. when economic growth was comparatively pretty good, this the president said no, now you don't want to raise tax rates because the economy is fragile. gdp is worse now, is that? >> i think almost exactly two years ago, the president said the economy is too fragile to raise taxes on anyone. so w
and all house members are not here in washington trying to work out a deal on the fiscal cliff. here is more from leader reid a short time ago. >> if we go over the cliff and it looks like that's where we're headed, mr. president, the house of representatives, as we speak, with four days left after today before the first of the year aren't here with the speaker having told them they will give them 8 hours notice. i can't imagine their consciences. >> reporter: of course president obama has left hawaii. he is heading back to washington from his family vacation. we learned from the white house that the president had made calls to the top four congressional leaders mcconnell and boehner on the republican side, pelosi and reid on the democratic side. we'll see what the president has in mind when he touches down back in washington a little later this morning, harris. harris: mike you mentioned it. i'm mentioning it too. it is coming into the newsroom from senator mcconnell's spokesperson and just wondering what the republicans say they want. they want to review legislation and make decisi
cliff. no deal yet but we're getting lots of mixed messages. >> that's a good way to put it. >> mixed messages around washington today with some animosi animosity, but here's what senate majority leader harry reid had to say just a little while ago. listen. >> i say to the speaker take the escape hatch that we've left you. put the economic fate of the nation ahead of your own fate as speaker of the house. millions of middle class families are nervously watching, waiting and counting down the moment until our taxes go up. >> well, senator kay bailey hutchison is republican from texas, first elected back in 1993 and served in leadership positions and been an outspoken nor to the budget and defense. senator, great to have you with us here. >> we sure are going to miss you, one of the great group of moderates. >> maybe you're relieved to be leaving at this point. >> thinking of new year's eve here in washington and thinking, you know, this is the time to exit. >> go out while things get a little mess over there. how will you feeling after the variousade lines toit about getting things don
vacation to deal with the fiscal cliff, just five days to go until we go over. >> threatening both coasts with workers snubbing up best and final contract offer. >> and more on the home front. we'll have more on the data and whether it can keep one of the best performing sectors of 2012, home builders going in 2013. >> data showing what some experts say is the slowest growth in spending since the 2008 recession. according to mastercard, spending polls units through christmas eve, retail sales rose just .7% from the year before. the national retail federation says it is forecasting a 4% jump in sales. we'll continue to get trickles of data as we progress through this last week. it is still an important week, the final week before the new year in terms of retail sales for these guys. >> historically positive the last five days of the year and blends into the first couple of days of the new year. generally get a nice year-end effect. we'll get claims tomorrow. new home sales tomorrow. chicago pmi on friday. but this idea that retail is soft, was it the fiscal cliff? was it sandy? was it some
a deal on the so-called fiscal cliff. we've all been talking about it. but with just a few days to go, what happens if we do fall off that cliff? doug stand big in washington right now with what could happen if a deal isn't reached. doug? >> good morning. you're right, we're going to have some of the big players back here in washington today. a message for any of them, it may be coming from starbucks. if you order a coffee anywhere in the dc area right now, they're going to write the message, come together, kind of an urgent plea for the president and members of congress to come up with a plan to avert the fiscal cliff. as far as we know, there is not a starbucks on board air force one. and that's exactly where president obama is right now. slowly making his way to issue with a wash. giving him time to make his next move. congress will be back in session as well. this is the first time since 1970 that a house of congress -- in this case the senate -- conducted legislative business in the week between christm new. doesn't mean they're going to get anything done. the most likely outcome
? >> happy friday. >> there we go, happy friday. listen, this fiscal cliff deal, everyone is so sick of hearing the phrase. i it talked to several this week, members of congress and members of the senate who indicate we're going over the cliff. they say it won't be that bad. don't worry about it. there's something in me that wonders about the psychological impact of just going right over. >> mike, you're right. they are saying that, and there's a real risk especially in the white house. they know that the reaction of the markets, especially overseas, the credit raters is unpredictable. you don't want to start your second term with a double-dip recession. that's the real risk here. for republicans more and more you hear them saying and i think this is what you're refer to here. you hear them saying, let's just wait until people get their first paycheck. wait until they get that pay economic when there's less withheld and there's not a payroll tax holiday but then they want tax relief. it's a huge risk. another political game at play here. sherman has a great story on the sight right t
passed to deal with the fiscal cliff that are now over the united states senate. if the senate wants to do anything with them, amend them and send them back to the house and perhaps the house will act on it. essentially what boehner is saying is we're not making any moves until the senate amends the two bills we passed over or sends a new one. what are in those bills? well, they essentially extend the bush tax cuts permanently for all earners. and then to avert the sequester and other types of cuts, they make what a lot of liberals have called draconian cuts to meals on wheels, food stamps. it goes into discretionary spending. the house passed bills are absolutely would go nowhere. and would be vee toad by president obama. so this is what we're seeing on the statement the day after christmas is while you guys figure out some solution, we wash our hands of it. >> as a follow-up, i'm putting my press secretary hat on for a second and say the response i would expect from the democratic side from the senate is hey, we passed a bill too. we passed a bill that does the same thing. why don'
together a last minute bp deal ahead of monday's midnight deadline for the fiscal cliff. failure could kick the country back into a recession. wyatt andrews is on capitol hill. >> reporter: today the halls of the senate were almost empty, as proposals got traded in private and over the phone. senate minority leader much mcconnell tried to sound upbeat. going to get a deal today sir? >> hope. so. >> reporter: house speaker boehner came to the capitol but left without comment. issue number one in the talks is amending the bush era tax cuts, which if unchanged will expire and raise taxes on all americans. starting tuesday, the average tax hike will be three to 5% per person. >> let's keep taxes exactly where they are on the first $250,000 of everybody's income. >> reporter: the president campaigned to increase taxes only on families making more than $250,000 per year. almost two weeks ago, the president offered a compromise to raise taxes only on income above 400,000, hoping that might win republican support. >> i have gone at least halfway. >> reporter: the senate is also negotiating an exten
to come up with a deal to avoid the so- called fiscal cliff in the u.s. will resume sunday. president obama says that congress must act now to avoid economic disaster. he has been meeting with republican and democratic leaders to reach a deal to avoid tax hikes and spending cuts that take effect january 1. >> the hour-long meeting with president barack obama was the first face-to-face session together with both republican leaders of the latest fiscal crisis. obama said he was modestly optimistic about the agreement by senate leaders on a compromise bill that could be voted on by monday. that is just two days before 6 under billion dollars of automatic tax hikes and spending cuts begin to take effect -- $600 billion of automatic tax hikes and spending cuts take effect. >> we want to make sure that unemployment insurance is still available for 2 million people and lay the groundwork for additional deficit reduction and economic growth steps to take in the new year. but let's not miss this deadline. >> we are working hard to get there in the next 24 hours. i'm hopeful and optimistic. >>
. with the clock still ticking and no deal reached on the fiscal cliff at this moment the negotiations appear to be at a standstill. the key players in all of this on christmas break. if a deal isn't reached by the new year taxes will go up for everyone. there is a concern that a combination of automatic tax increases and spending cuts could plunge the economy back into a recession. i am marianne rafferty now back to "huckabee" for all of the latest headlines go to foxnews.com. to fox news.com. the pro lifer versus pro abortion is heating nup ireland. the woman complained of pain and she asked for a abortion believing she miscarried her young baby. the doctors refused to abort the child saying the fetal heart beat was still. the women died three days later. the incident caused controversy all over the world . american pro abortion advocates pressured hillary clinton. joining us is hilary rose. an irish citizen nevy brown delair woman of love institute. it is so good to have you hered today. ireland is a catholic prolife country and why is this drawing sotion for those who advocate for abortio
ahead with your comment. caller: i really don't see much on the fiscal cliff. if they make a deal, either way they go, it will hurt. by the time 2014 gets here and when obamacare kicks in, it will cost me so much that i will have to quit work. it will be worth more for me to be on welfare than to keep working and just working for nothing but health care. host: we will get a response. guest: this is something a lot of people are waiting to see what the impact of that law is going to have. a lot of that, the major provisions don't kick in until now and in the next few years. everyone will wait to see what the impact on the economy will be. there's a big disagreement about what will happen. host: this new york times piece gives a sense of the mood in washington. let's read the first paragraph or two. guest: this is only the fourth time since the 1930's they have had to come back after christmas to do work. this is uncharted territory. no one really wanted to be in a situation, but it was a factor of them having to wait until after the election to start negotiating these things and th
, it has a better chance of passing them by itself? guest: the house is back to deal with the fiscal cliff bill. the hope to supporters of the sandy supplemental is the house would do something on the fiscal cliff package and somehow they could use that as an opportunity to get the sandy bill through. the chance for the full supplemental to be passed before the end of the year, it will either be a smaller amount or they will not touch it at all. the senate will have to start over next year. host: raymond hernandez i need." >> they joined -- an unusual move they are working together as opposed to saying separately i am in new york, this is what i need, new jersey and connecticut are on their own. they have to make their own appeal. guest: you have a lot of the personalities representing the victims of sandy. they have pulled together effectively after the first few weeks after the storm. they have generally been pushing the same direction. the problem the victims of sandy have in new jersey and new york is there represented almost primarily by democrats. the house is run by republicans. dem
to do. this is the 112th congress. we have had two years to deal with the fiscal cliff. we have known it was coming, and we designed it that way pick the conjured up this clip fiscal cliff to address the big issue of our nation. i think you have heard people on both sides of the aisle, both of us, but many people talk about the fact that to deal with our fiscal issues we need to do something in the $4.50 trillion to $5 trillion range, so we can have the economy have the opportunity to take out. to have nothing in place on december 29, that probably will not happen. unfortunately for america, the next line in the sand will be the debt ceiling. secretary geithner has sent a letter, around mid-march, that action has to be taken by the time you have to take extraordinary action. lamar and i recognize that and we also recognize that the big issues of our nation really centered around entitlements. today the average family pays over $119,000 into the medicare program. two members of a family working over the life and will pay into medicare $119,000. today, that same family into de's dollars
that the house of representatives will reconvene sunday to have deal supposedly with the fiscal cliff. the dow jones industrials down by 150 points at one point recovered to lose just 18. the s&p 500 finished just two points lower. nasdaq down 4.25. congress department says sales of new homes went up almost 4.5% last month. that's the highest rate of growth in total sales in more than 2 1/2 years. that's it from cnbc, now back to "hardball." ♪ >>> if their competitor in '16 is going to be hillary clinton supported by bill clinton and presumably a still relatively popular president barack obama, trying to win that will be truly the super bowl, and the republican party as it is today is incapable of competing at that level. >> welcome back to "hardball." newt gingrich's reverence for hillary clinton is certainly a long way from the near contempt republicans held for her back in the '90s. even as a senator hillary clinton was close with some high-profeel republicans. she had friends up there. this archival l.a. times story's headline the secret friendship of hillary clinton and john mccain. but
, the president said he es modestly optimistic about a deal to avoid the fiscal cliff, which would mean avoiding automatic tax increases and spending cuts come january 1. the president spoke to the nation this evening after an hourlong meeting with congressional leaders at the white house. democrat and republican leaders have agreed to extend jobless benefits and some tax increases. they appear to remain deadlocked on who exactly will pay those higher taxes. wo have two reports tonight, beginning with major garrett at the white house. major, good evening. >> reporter: good evening, jeff. two things are clear tonight arat were not clear this morning: progress is real, and if a deal is reached, it will be ir smaller than any of the key players envisioned only a couple weeks ago. is this deal, if it's to be reached, will not be the so- called grand bargain with trillions of dollars of deficit lionction. in fact, jeff, it's not even clear this deal-- again, if there is one-- would stop the across-the-board spending cuts ulr the defense department and peher government programs. it looks like those cu
to help avoid the fiscal cliff. >> back to you very much, mary. four more days to the deadline. can a deal get done. congressman harris joining us now from baltimore. i'm going to talk about your plan in a moment, sir, but let me ask you about the word that we got in the last hour about the house reconvening sunday night. can you shed some light on any significance that may have. what have you heard? should we get our hopes up for sunday evening, or not? >> just got a conference call an hour ago with the speakership and leadership and that's only to get ready for anything coming over to the senate. the senate usually takes a couple of days to pass a bill. haven't even started working on one so the earliest they could have something over to the house would be sunday and the leadership will give its members 48 hours notice tomorrow and get us back in town sunday night. >> are you hearing that the senate's working on something that could come your way by then? >> there's a rumor that the president has taken mrmr. boehne mr. boehner's plan "b" and added unemployment insurance. i'm sure the sen
vacation short and heading back to washington before we fall off of the fiscal cliff . can a deal be reached. >> a deadly winter storm unleashing snow and tornados . now thousands ever cleaning up and holiday travelers are stuck. i am tracking where the storm ised hading next. >> thank you, rick. take the gift card and hit the stores this morning. wait until "fox and friends" is over and then leave. "fox and friends" begins right now. "fox and friends". >> gretchen: good morning, i am gretchen carlson we are joined by clayton morris . rick as well . these are great guys, but clayton, because he is a tech guru of folks news and here to help all of us today. >> tech support this morning f. you have tech-related questions. send them and i will attempt to answer them all. i answered all of them. my wife said what are you doing on twitter? i said i am helping me. >> gretchen: we have big storms brewing and rick, you are aptly sitting to the right of me and you will help people get out of town. >> 30 tornados and a big one in mobile, alabama and more tornados and a blizzard. i will try
on a deal, a mini deal is what traders are expecting now to avoid going over the fiscal cliff. basically we've been held in about 100 point range from the dow. it is midpoint. as you might expect on the second to last trading day, volume is light. 1 billion shares changed hands. on average we get about 3.2 billion every day. take a look at the vix. it's a measure of fear. yesterday popping above the 20 level. it is something we haven't seen in five months. it is above that right now but, again, it has come off its highs of the day. we do have some movement in the transports today, this in the wake of the news of that port strike has been averted, at least for another 30 days. that was impacting some of the truckers because there was concerns they wouldn't have some inventory to truck around the country. they've turned around and transports actually having retreated yesterday. they did move into the green a little while ago. also look at the consumer discretion nar ris because this is reflecting reaction to the news. strike has been averted as well. keep in mind there are a number of retaile
.b.r. >> susie: good evening everyone. i'm susie gharib. fiscal cliff talks at the white house end with no deal, but president obama says he's still hopeful and says "we've got to get this done." gold prices pulled back today on worries about the fiscal cliff, will the metal shine in 2013? then cuba, tonight's "market monitor" sees big opportunity on the tiny island when the embargo's lifted. thomas herzfeld, of thomas herzfled advisors joins us. that and more tonight on "n.b.r."! president obama says he's "modestly optimistic" a fiscal deal can be reached in time. he said he's instructed senator harry reid and senator mitch mcconnell to come up with a plan that can pass in congress. his brief comments a short while ago came after a it
at. last-minute talks at the white house over the fiscal cliff ends with no announcement of a deal. a 6-year-old british girl abducted by her father and taken to pakistan is reunited with her mother in the u.k. welcome to "bbc world news." also to come, no where to pray for moslems in athens. and a quite at hollywood that revolution, making big returns to the silver screen
a temporary deal. >> the importance of the u.s. this cliff is extremely -- u.s. fiscal cliff is extremely high. the main growth engines are firstly china, which will grow at about 8%. the u.s. is still very important. we are expecting growth of about 2%. if the u.s. goes off of this book with and you have very weak growth, that will be a huge dent in the global outlook and will have transmission of sex to the rest of the global economy at that time when the eurozone is still in recession in japan has also slid into recession. the risk is that this negotiation process could be protracted. i think president obama is proposing the concept of a fallback option, which would at least deliver some of the extension of the tax cuts and also unemployment benefits, which is very important. if the unemployment benefits cease after the first of january, that has an immediate impact on expenditure in the u.s. on about 2 million unemployed people. i think he is going to try to put together a skeleton deal to at least bridge the gap while negotiations continue. u.s. secretary of state -- >> u.s. secretary of
. the minority leader has appealed to the vice president directly in a last-ditch deal to avoid a fiscal cliff. kerry reid stepped back from the talks on the senate floor. and he had yet to hear back from the. -- from them. we will show you comments in a short while ago. taking your phone calls on the fiscal cliff with two days to go, the house and senate vote in a session today. the house came in at 2:00 and they gaveled out shortly thereafter. we expect them to come back to take up about 1 dozen bills. we are expecting votes at around 6:30. it is also possible that the house rules committee could be to discuss potential legislation that could be agreed upon in the house and senate. let's go to william in st. paul, minn.. caller, how are you? >> doing fine. caller: -- caller: how are you? >> doing fine. caller: these problems for them are everyday trials and whatnot. there was a man who was laid off where i work that. >> what kind of work? caller: maintenance work. it was a situation where i was telling like -- i was prepared for the fiscal cliff. i have been prepared for the last three month
leaders from both parties tomorrow to work out a deal hopefully to avert the fiscal cliff. and former president george h.w. bush remains in intensive care at a houston hospital after a series of health setbacks. >>> and the former president among those tonight mourning the death of the legendary american general storm norman schwarzkopf. he booted saddam hussein's forces out of kuwait in the he died in central florida. the assignment the last chanter in an extraordinary olive of service. general schwarzkopf was one of the most well known commanders in modern mill tare arery history. >> he most certainly was. his command of the gulf war inspired me to become a war correspondent. although he had a long connection with that region. he was obviously -- famous for being commander of the forces during the golf war. he had gone to school in tehran and iran as a kid. they were stationed there. schwarzkopf guided military school before serving in the south vietnamese airborne division. by the time he was a lieutenant colonel he distinguished himself by helping rescue men of his battalion from
of congress to come to a deal on the fiscal cliff. shultz followed up with a blog saying everyone should put the pressure on congress. >>> a cartoonist went a more pessimistic approach. a box labeled deficit crisis compromised saying do not open until with all the holidays crossed out signed by boehner and obama. >>> all featured on politico's list of the top viral videos of 2012. the politico ones, of course. here's a look back. >> in the silvery moonlight that bathes every town, the people lie dreaming so safe and so sound. they're warm in their beds, snuggled up in the sheets. but four years before, they were out in the streets. sorry, my friend, but there's no time to snore. we're all on our own if romney has his way. and he's against safety nets. if you fall, tough luck. so i strongly suggest that you wake the [ bleep ] up. >> there's only one thing that might deny us the presidency that is the god-given property of the republican party. >> the 47%? >> nope? >> caymen islands? >> nope. >> $10,000 bet, i like to fire people? >> no. it's a story about an actual shaggy dog. apparently on v
business including a possible deal on the fiscal cliff. the senate will be in at 1:00 eastern. though it's in the senate are scheduled for to o'clock p.m. eastern. according to "the washington post" perry began mitch mcconnell have set a deadline at 3:00 when they will be convening caucus meetings and that date members for a possible plan on taxes and spending. president obama was on "meet the press of" today saying the pressure is on congress to make a deal. he was optimistic, but he said that they cannot come to an agreement, he wants the senate majority leader to introduce legislation to make sure middle class taxes stay where they are. live coverage of the senate on c-span2 when the gavel in. the house out to woodcock with the boats as early as 6:00 looking at a number of legislation from veterans to foreign aid. you can watch the house live here on c-span. >> republican olympia snowe from maine is also retiring at the end of the 112th congress after three terms. next, her farewell address. it is about 35 minutes. >> i rise today with an infinite appreciation for the institution of t
days until we fall off that fiscal cliff. the president is cutting his vacation short to return to the white house and try to hammer out a deal. but what will actually happen if we do go over the cliff? doug luzader is live for us with the details. >> it is not going to be pretty. on board air force one heading back to washington from a hawaii after cutting christmas short. can a cup of coffee help as far as christmas is concerned. starbucks is hoping. if you go into a starbucks you will get a message written on your coffee that says come together. this is a company trying to tell the president and lawmakers here they need to come up with some kind of agreement before they go over the fiscal cliff at the end of the year. the senate will be meeting today. this is the first time we have seen legislative business conducted in the weeks between christmas and new years since 1970. the house come back as well but nothing yet. the other thing to consider here the two key players in all of this president obama and republican house speaker john boehner. as far as we know the two of them
to deal with the fiscal cliff issue. we need leadership. we need the president's leadership. we need leadership by republicans and democrats. we need the house and senate. and while i say i'm willing to -- to -- that i want an agreement, i would also say that i'm willing to appreciate the fact that i will not get everything that i might want in an agreement. but the consequences of our failure seem to me to be so significant that we ought to find common ground. i understand we might reach an agreement that deals with a portion of the so-called fiscal cliff and i want to point out that we're only really talking these days about the tax consequences of the fiscal cli cliff. i don't know exactly how fiscal cliff came into existence, that phrase. i don't know where those words came from. i don't know exactly what they mean. i think they probably mean different things to different people. but it seems to me that the fiscal cliff that we face is based upon sequestration, this plan that was put in place by the budget control act that would reduce spending by $1.2 trillion, both defense and
one week left before the country goes over the fiscal cliff. your taxes will soar if congress and the president can't reach a deal. so steve is live for us in washington with the very latest. all right, good morning to you, steve. >> good morning, gretchen. yeah, the house as you know, tried and failed to pass some kind of a compromise on that fiscal cliff. now the spotlight falls on the u.s. senate. some kind of deal could have a better chance there because the senate is not as bitterly divided as the house. success depends partly on whether mitch mcconnell decides to filibuster any legislation. there is senate republicans who are willing to compromise in order to avoid the fiscal cliff. including kay bailey hutchison of texas and johnny isakson of georgia. >> time is running out. and the truth of the matter is, if we do fall off the cliff after the president's maturitied, he'll come back, propose just what he proposed yesterday in leaving washington and we'll end up adopting it. why should we put the markets mn such turmoil and the people in misunderstanding or lack of confi
of a deal are fading quickly. just two trading days left until the cliff. and it's not just the fiscal cliff. wind farms and dairy are set to get hit. >> the ports of the east coast and gulf coast are bracing for a potential strike. the potential for this, midnight sunday with a shutdown threatening to threaten 20% of the cargo traffic. >> and instagram feeling the sting of the flap around privacy with users, fleeing the site. how will this impact facebook? >> as we mentioned, dennis berman, "wall street journal" market place editor is joining us here on set once again for the next hour. good to have you back, dennis. lots to talk about between the cliff and other news. >> three days before the u.s. goes over the fiscal cliff, congressional leaders will meet with the president this afternoon. i remember standing on the white house north lawn last month, after leaders met with the president back then. things looked pretty promising. here's what they said after that meeting. >> i believe that the framework that i've outlined in our meeting today is consistent with the president's call for a fa
. they talked about the need to reach a deal to avert the fiscal cliff. >> i've been working people of both parties with the help of business leaders and ordinary americans to come together around a plan to grow the economy. a plan that would protect the middle class, cut spending and ask the wealthiest americans to pay a little bit more. i will keep working with anyone who is serious about getting a comprehensive plan like this done. we are now just -- all tax rates are going up. a will get a lot smaller. it would hurt middle-class families and businesses that depend on your spending. congress can prevent it from happening. leaders are working on a way to prevent this tax hike on the middle class. if an agreement is reached i will urge the senate to hold an up or down vote to protect the middle class from the income- tax hike. it could pass both houses a bipartisan majority. but they still want to vote no, that is their prerogative. they shall let everybody else vote as well. we cannot afford a politically self-inflicted wound. the housing market is healing. the unemployment rate is the lo
31 to reach a deal on the fiscal cliff, otherwise tax increases and spending cuts go into effect. negotiations between congress and the president could take friday when all four leaders of the house and senate meet with the president at the white house. a look at the countdown to the fiscal cliff, the guest will be a white house honor. home on a ship and the united states with tools author of american the nightmare how neighbor -- america undermines the negotiation nightmare. more from militia and townsman of the u. s economic research surfaced and heron radcliffe. coming up on c-span, a discussion on the history of the new york times. an examination report on the impact of student loans on parents. interviews with returning members of congress continue with senator been wilson of nebraska. >> you think of washington, 25 years before the civil war, what would you think? woody things lavery was well entrenched, black people were more in visual. white people were true and gift. that is actually not true as well. washington then had about 30,000 people of them. the majority of the b
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